May 2017 Housing Highlights for Charlotte NC

Existing Home Sales
May 2017
Image Source: NCRealtors.org

With the busy summer months in full swing, the housing market in Charlotte, NC remains active for prospective buyers and eager sellers. Now is the time to act! Housing affordability might become problematic as the year progresses, impacted by the low inventory of available homes for sale, with the possibility of the Federal Reserve hiking the interest rates. So, if you are looking at buying or selling a Charlotte home, here are the housing highlights from May 2017 that you won’t want to miss:

• Homes are seeing fewer days on the market. This is good news for Charlotte buyers and sellers! Since 2011, numbers of days a home is on the market has declined. Today, the average length of time a home for sale is on the market is now at 52 days. This is lower than in April when it was at 56 days and even lower than a year ago when it was at 63 days making it close to the record lows seen in 2004.
• Lower median sale prices. Homes in Charlotte sold at an average of $274,957, down slightly from April’s figure of $275,490. Year over year totals are still up at 6.6% and the annual average is at 8.6%.
• Closed sales are rising. While figures are down .3% for year over year totals, they have increased to 7% for year-to-date for homes that sold in Charlotte and its suburbs.
• An increase in pending sales. In both the year over year and year-to-date figures, pending sales have steadily increased. Year over year, they are up to 16.6%, and up to 8.1% year-to-date.
• Low housing supply for higher demands. Anything less than a 6 month supply of homes tends to make it easier for sellers but drives up the competition with buyers. In Charlotte, the average was 2.5 months; from down 26.5% of the year over year figure 3.4 months making it close to lows experienced all the way back in 2005.

Are You Buying or Selling a Charlotte, NC Home?

Now is the best time to make your move. The rate for a 30 year mortgage is now the lowest it has been in 7 months it is at 3.90% according to Freddie Mac. Turn to the expertise of Showcase Realty so you can buy or sell a Charlotte home without delay! To get started, contact our team at 704-997-3794 or send us a message here.